Economic Profile

The Tulsa region’s gross metropolitan product grew by 6.9 percent in 2018, driven by a rebound in the energy industry and an increase in economic activity overall, especially in the previously depressed agricultural sector. The recovery of Tulsa’s energy oil-related manufacturing created faster growth than the rest of the state, allowing for a 4.4 percent increase for the state of Oklahoma, 50 percent faster than the U.S., whose gross-product growth was 2.9 percent. Expect a 3.2 percent growth over through 2023, topping other major metro areas and surpassing growth in both Oklahoma and the United States as a whole.

Employment in the Tulsa area grew faster than the state over the last several years and is expected to continue this trend. Wage and salary employment grew at 2.9 percent in 2022. Tulsa-area employment is expected to grow at an average rate of 4.1 percent. Tulsa is the best performing metro in the state, adding 10,900 jobs, growth of 2.4%, in the year ending in November 2023. Tulsa experienced the fastest job growth over the last 12 months within the construction and natural resources (14.1%) and Leisure and hospitality (8.0%) industries.

Since 2018, the Tulsa region has been seeing rapid growth in many of its industrial sectors. Transportation and warehousing showed the highest growth with an increase of 3.7 percent. Closely following, the leisure and hospitality sector had an annual growth of 3.4 percent. Tulsa’s target sectors of mining, manufacturing, transportation, business & professional service, and health services (with education)gained 5,970 jobs or 53 percent of all jobs gained in 2018. Through 2023, the target industries will add 11,600 jobs, producing an annual rate of 1.1 percent growth. This will account for 46 percent of the 25,510 projected new jobs in the area economy through 2023.